So you think you’ve found the property that best meets your needs? Here are some questions to ask yourself that will help you make a well-informed decision.

The down payment and mortgage payments are not the only costs of owning a home. Have you taken into account school and property taxes? What type of heating system does the home have, and how much will it cost on a monthly basis? What are the maintenance costs associated with the property?

Do not hesitate to ask the current owner if you can review their bills so you can get a clear idea of the recurring expenses you should expect.

Is the property you are interested in a turnkey home? Ask about any work that may need to be done in the near future that could be costly, such as replacing the roof or updating old plumbing. A pre-purchase inspection can be very helpful at this stage.

Several upfront costs should be expected when becoming a homeowner. A property inspection is important. There are also notary fees, sales taxes (if it is a new property), transfer taxes, as well as property tax adjustments.

Real estate brokers are experts in the field and can support you throughout these checks, ensuring the right questions are asked. They can guide you through your search, analyze important documents, and refer you to qualified professionals if necessary.

Source: Centris.ca